DeSo is down by 90 per cent year to date. Since this month started, the cryptocurrency has seen a drop in a drop of 56 per cent. Unfortunately, the price drop does not look like it is slowing down, with today’s trading session showing a price decline of 4 per cent. There is also a high likelihood that what we are seeing today is likely to continue throughout the session, and DeSo may close lower.
In today’s world, social media have become part of our daily interactions. This is where DeSo creators saw an opportunity. The idea was to create decentralized social media platforms. The idea was put forward by the DeSo founder Nader Al-Naji.
The platform would go on to raise $200 million with a promise of disrupting the multibillion social media business. The project’s cryptocurrency, DeSo, would then be used to purchase “social tokens” and NFTs. Users would also be able to create profiles and posts for Decentralized Social applications.
DeSo also had one of the most popular decentralized social media platforms, BitClout. The platform’s quickly gained popularity with cryptocurrency users. Celebrities also created profiles on the platform, and for the ones that didn’t, profiles were created for them by the platform’s management.
Unfortunately, the BitClout platform’s gain of traction started to slow down. Today, the social media platform is not as popular as its creators had predicted. In addition, DeSo crypto has also faced challenges in the markets due to the current cryptocurrency industry-wide bear market. Combining all these factors has seen DeSo prices plummet by 97 per cent from their all-time highs of $475, which was set in December 13, 2021.
Today’s trading shows DeSo is down by 4 per cent. This is a continuation of the long-term trend that has resulted in crypto prices dropping by 97 per cent since December 13, 2021. The chart below shows that prices are headed to the $8.21 support level.
Therefore, my DeSo price prediction expects the prices to continue with the downward trend. As a result, there is a high chance that we will see the prices trading below $8.0 in the next few trading sessions.
However, my bearish trend will be invalidated if the prices move past the resistance level of $13. It will also mean a small bullish lean despite the long-term bearish move.
This post was last modified on %s = human-readable time difference 10:52